Thank you for the additional information.

Assuming the lender reserved the right to foreclose on the property if they borrowers defaulted, they could pursue foreclosure and take ownership of the property or sell it at auction to satisfy the debt.

If the home is worth less than is owed, the lenders may also pursue a deficiency judgment against the borrowers, seeking repayment of the balance of the debt owed following foreclosure.

If the home is worth more than is owed on the Loan, a foreclosure would normally result in the loss of the property and damage to the borrower's credit rating, but no further action normally. They may also be entitled to receive the balance of the proceeds of the sale of the property following the sale at auction if it sells for more than is owed on the loan.

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